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Africa may be full of democratically governed countries, but it is still the land of many kings. Sure, there are only three African countries with constitutional monarchies – Morocco, Swaziland and Lesotho -- but there are several hundred traditional monarchs dispersed across Africa in urban, semi-urban and rural communities in independent countries. Mostly, these monarchs wield little or no formal political power, but they fulfill spiritual and ceremonial obligations to members of their community.

Being a traditional monarch in Africa can be a lucrative affair. A significant number of these rulers are formally recognized by state institutions and as a consequence, many of them receive generous stipends and allowances from the government. For example, King Goodwill Zwelithini kaBhekuzulu, the traditional King of the Zulu people, South Africa’s largest ethnic tribe, receives an annual allowance of about $6 million to cater to the needs of his royal household. He also gets to enjoy other perks like frequent private air travel and keeps an exotic collection of automobiles, all paid for by South Africa’s taxpayers.

Many African monarchs also earn a significant income through the goodwill and generosity of their communities. It is not uncommon for wealthy members of a tribe or community to give substantial sums of money, cars, land or houses to their traditional Kings in return for spiritual blessings or unrelated favors. And since these traditional monarchs may wield significant influence in political circles, some of them get invited join boards of large corporations. Obi Nnaemeka Achebe, the Obi (King) of Onitsha, a mid-sized commercial town in Nigeria’s southeastern region, serves as the Non-Executive Chairman of Unilever Nigeria, a large publicly-listed manufacturer of consumer goods, and he previously served as Chairman of Diamond Bank, a leading Nigerian commercial bank. Oba Adedotun Gbadebo, who is the Alake (King) of Egbaland, a clan of Yoruba-speaking people in Nigeria, is the Chairman of Oando, a large Nigerian energy company.

Some of these rulers control large fortunes. Some have built their fortunes from scratch by starting successful enterprises and shrewdly reinvesting their profits into a diverse range of business concerns. Others have simply had wealth transferred to them by their forefathers.

Who are the wealthiest Kings in Africa? I spent quite a bit of time trying to find out. In doing the research for this list, I excluded wealth held or controlled by rulers in trust for their nation or territory. Meet the 5 richest Kings in Africa.

King Mohammed VI

King Mohammed VI, Morocco

Estimated net worth: $2 billion

Source: Investments

His Majesty King Mohammed VI of Morocco is the wealthiest monarch in Africa. He derives his fortune from his control of Société Nationale d'Investissement (SNI), a large Moroccan investment holding company with assets valued at more than $10 billion. SNI’s largest asset is a 48% stake in Morocco’s largest bank, Attijariwafa, as well as controlling stakes in mass distribution giant Marjane Holding; mining company Managem Group and mobile telecoms company Inwi. The King also owns a substantial chunk of the world’s phosphate reserves. King Mohammed VI, the 27th king of the Alaouite dynasty, ascended the throne in July 1999 and immediately set out to initiate a series of socio-political and economic reforms that have made the Kingdom freer and more prosperous than during the reign of his father, King Hassan II. In 2014, the King introduced a new family law giving women legal equality with men in key areas; his economic strategy has led to the creation of new industrial zones which in turn has given a boost to the number of global industrial corporations setting up shop in Morocco. On the political front, he has enacted a series of reforms to the country's constitution, including amendments that stripped him of some of his political powers.

Oba Obateru Akinrutan, Ugbo Land, Nigeria

Estimated net worth: $300 million

Source: Oil

Oba Obateru Akinrutan is the Olugbo (traditional King) of Ugbo land, a small oil-rich community in Ondo state, in Nigeria’s southwestern region. Oba Akinrutan, who ascended the throne in 2009, is also the founder of Obat Oil, one of Nigeria’s largest privately-held oil trading companies. He founded the company in 1981 with a single gas station to meet the needs of his family and neighboring community. OBAT Oil now owns more than 50 gas stations across Nigeria as well as one of the largest tank farms in Africa- a modern storage facility that has the capacity to store 65 million liters of petroleum products. He also owns an extensive portfolio of prime commercial and residential real estate in London and Nigeria, including the landmark Febson Hotels and Mall in the Central Business District of Abuja.